Customer Intelligence Platform Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2027
The customer intelligence platform market size is expected to grow from USD 1.9 billion in 2022 to USD 7.0 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period.
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By component, the platform segment to hold the largest market size during the forecast period
Customer intelligence platform is the next step in customer data management. It serves and connects business users across sales, marketing, commerce, and services, connecting billions of data points across disparate sources of data to uncover insights. Significant resources have been invested by companies in analytics but they realize that they must also invest in data governance and management or risk making decisions on bad data, leading to bad results. To deliver the more automated, personal, and predictive services customers expect, organizations need a customer intelligence platform driven by AI and machine learning to manage and analyze data from multiple disparate sources at volumes and at speeds no human can match. Increasing use of AI and ML capabilities to develop predictive models will drive the market of customer intelligence platforms.
By services, support & maintenance segment to hold the largest market size during the forecast period
Support and maintenance services include the assistance provided by professionals to implement and maintain customer intelligence platform solutions. These services include assistance for troubleshooting, upgradation of existing software, problem-solving, emergency response management, software maintenance, proactive services, and technical support provided by customer intelligence platform vendors. Customer intelligence platform vendors offer IT professionals, data scientists, platform architects, system integrators, and data management experts who provide support and maintenance services. They also provide one-on-one personalized training and courses for the implementation of the leading technologies, tools, and best practices. These help organizations manage, maintain, and build their data platforms and infrastructure.
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Customer intelligence platforms offer unified, real-time, and self-service access to customer data to marketing teams; this data is gathered from a variety of data sources, such as call center interactions, connected device data, product usage data, sales data, mobile apps, customer life cycle trends, websites, social media platforms, and emails. With customer intelligence platforms, marketers get greater control over their marketing database, along with other additional features. It has the potential to create a 360° customer view that delivers a superior customer experience. Several factors, such as the rising need to gain a holistic view of customer data, intensifying need to deliver omnichannel experience, the rising demand for personalized customer experiences, and the shift toward data-driven marketing and advertising. In addition, heightened adoption of customer intelligence platforms to monitor changes in the market as they occur, and rising investments in customer intelligence platforms by large enterprises, all contribute to the expansion of the customer intelligence platform market.
IBM is a multinational technology and consulting corporation offering infrastructure hosting and consulting services. The company operates through three major business segments: Services, Sales, and Financing. IBM Cloud has emerged as a preferable platform for all business applications, as it is AI-compatible. It is a unifying platform that integrates IBM’s capabilities with a single architecture and spans public and private platforms. With this powerful cloud platform, the company can cater to the requirements of different businesses across the world. IBM caters to diverse verticals, including aerospace and defense, education, healthcare, oil & gas, automotive, electronics, insurance, retail, and consumer products, banking and finance, energy & utility, life sciences, telecommunication, media and entertainment, chemicals, government, manufacturing, travel and transportation, construction, and metals and mining. The company has a strong presence in the Americas, Europe, the Middle East, Africa, and Asia Pacific and has clients in more than 175 countries. IBM is one of the major players in the customer intelligence platform market. IBM offers a Predictive Customer Intelligence solution, which helps an organization personalize customer interactions by applying the most relevant recommendations to individual customers.
Oracle was incorporated in 1977 and is headquartered in California, US. The company is a global leader in delivering a broad spectrum of products, solutions, and services designed to meet the requirements of corporate IT environments, such as platforms, applications, and infrastructure. It caters to a diverse clientele across the world. It specializes in developing, manufacturing, and marketing hardware systems, databases, middleware software, and application software. It operates through three business segments: Cloud and license, Hardware, and Services in more than 175 countries and caters to 4,30,000 customers across industries such as banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities. It operates in more than 145 countries across the Americas, Europe, Asia Pacific, and the Middle East & Africa. Oracle Customer Intelligence Platform creates a single Unified Customer Profile for each customer that combines profile, transactional, and behavioral data from across the business. A Unified Customer Profile provides not only a complete view of each and every customer in the business but also provides with a complete view of the business.
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